WMT
Walmart Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Walmart Inc.
Walmart Inc. operates a general-merchandise and grocery retail business through supercenters, discount stores, warehouse clubs (Sam's Club), and e-commerce in the United States and internationally. It sells food, consumables, general merchandise, and fuel, and offers advertising, marketplace, and fulfillment services.
Coverage
India's UPI Fee Caps at $4.5 Billion. Walmart's Cut of the Estimate Is $385 Million.
NPCI's 0.4% on every merchant UPI rupee would be $4.5bn a year. Bernstein's estimate is a quarter of that, and Walmart's cut is 1.3% of operating income.
Walmart's Two EPS Measures Landed a Penny Apart as a Loss and Tax Benefit Cancelled Out.
Walmart beat and raised all three full-year lines, and its GAAP-versus-adjusted gap landed at one cent — two twelve-cent items cancelling in the same quarter.
Walmart Reports Against $0.74 Adjusted EPS. Its GAAP Gap Has Swung $0.41 in Four Quarters.
Walmart reports against $0.72-0.74 adjusted EPS; our stored series is GAAP — the two differed by a 41-cent range over four quarters, changing sign twice.
What Walmart's February Preview Missed—and Why Our Data Would Show a 27% Miss.
Walmart's quarter ended 2026-01-31 printed $190.7B of revenue against a ~$189B consensus and adjusted EPS of $0.74 against $0.73 expected. Both were beats. Our stored earnings series says $0.53, because it is GAAP and the consensus was adjusted — a $0.21 gap that is entirely a net loss on equity investments, and which a year earlier was one cent.
Walmart Reports Tomorrow as the World's First $1 Trillion Retailer
Walmart reports Q4 FY2026 earnings on February 19 with a $1 trillion market cap and 75% of share gains coming from $100K+ households. Here's what to watch.
Where the revenue goes next
Latest: $187.94B (Q2 FY2027)
| Period | Value |
|---|---|
| Q3 FY2021 | $134.71B |
| Q4 FY2021 | $152.08B |
| Q1 FY2022 | $138.31B |
| Q2 FY2022 | $141.05B |
| Q3 FY2022 | $140.53B |
| Q4 FY2022 | $152.87B |
| Q1 FY2023 | $141.57B |
| Q2 FY2023 | $152.86B |
| Q3 FY2023 | $152.81B |
| Q4 FY2023 | $164.05B |
| Q1 FY2024 | $152.30B |
| Q2 FY2024 | $161.63B |
| Q3 FY2024 | $160.80B |
| Q4 FY2024 | $173.39B |
| Q1 FY2025 | $161.51B |
| Q2 FY2025 | $169.34B |
| Q3 FY2025 | $169.59B |
| Q4 FY2025 | $180.55B |
| Q1 FY2026 | $165.61B |
| Q2 FY2026 | $177.40B |
| Q3 FY2026 | $179.50B |
| Q4 FY2026 | $190.66B |
| Q1 FY2027 | $177.75B |
| Q2 FY2027 | $187.94B |
Latest: $0.80 (Q2 FY2027)
| Period | Value |
|---|---|
| Q3 FY2021 | $0.60 |
| Q4 FY2021 | −$0.24 |
| Q1 FY2022 | $0.32 |
| Q2 FY2022 | $0.51 |
| Q3 FY2022 | $0.37 |
| Q4 FY2022 | $0.42 |
| Q1 FY2023 | $0.25 |
| Q2 FY2023 | $0.63 |
| Q3 FY2023 | −$0.22 |
| Q4 FY2023 | $0.77 |
| Q1 FY2024 | $0.21 |
| Q2 FY2024 | $0.97 |
| Q3 FY2024 | $0.06 |
| Q4 FY2024 | $0.67 |
| Q1 FY2025 | $0.63 |
| Q2 FY2025 | $0.56 |
| Q3 FY2025 | $0.57 |
| Q4 FY2025 | $0.65 |
| Q1 FY2026 | $0.56 |
| Q2 FY2026 | $0.88 |
| Q3 FY2026 | $0.77 |
| Q4 FY2026 | $0.53 |
| Q1 FY2027 | $0.67 |
| Q2 FY2027 | $0.80 |
Latest: 40.1 (Q2 FY2027)
| Period | Value |
|---|---|
| Q3 FY2021 | 18.7 |
| Q4 FY2021 | 27.8 |
| Q1 FY2022 | 30.5 |
| Q2 FY2022 | 37.8 |
| Q3 FY2022 | 49.4 |
| Q4 FY2022 | 27.2 |
| Q1 FY2023 | 31.4 |
| Q2 FY2023 | 25.2 |
| Q3 FY2023 | 42.2 |
| Q4 FY2023 | 32.4 |
| Q1 FY2024 | 35.1 |
| Q2 FY2024 | 29.9 |
| Q3 FY2024 | 26.4 |
| Q4 FY2024 | 28.2 |
| Q1 FY2025 | 24.9 |
| Q2 FY2025 | 35.2 |
| Q3 FY2025 | 33.2 |
| Q4 FY2025 | 40.3 |
| Q1 FY2026 | 41.3 |
| Q2 FY2026 | 36.7 |
| Q3 FY2026 | 35.3 |
| Q4 FY2026 | 43.6 |
| Q1 FY2027 | 46.3 |
| Q2 FY2027 | 40.1 |
Latest: $7.47B (Q2 FY2027)
| Period | Value |
|---|---|
| Q3 FY2021 | $1.07B |
| Q4 FY2021 | $9.48B |
| Q1 FY2022 | $716M |
| Q2 FY2022 | $6.86B |
| Q3 FY2022 | $413M |
| Q4 FY2022 | $3.48B |
| Q1 FY2023 | −$7.26B |
| Q2 FY2023 | $9.08B |
| Q3 FY2023 | $1.94B |
| Q4 FY2023 | $8.39B |
| Q1 FY2024 | $251M |
| Q2 FY2024 | $8.87B |
| Q3 FY2024 | −$4.62B |
| Q4 FY2024 | $10.87B |
| Q1 FY2025 | −$355M |
| Q2 FY2025 | $6.50B |
| Q3 FY2025 | $438M |
| Q4 FY2025 | $6.51B |
| Q1 FY2026 | $450M |
| Q2 FY2026 | $6.53B |
| Q3 FY2026 | $1.91B |
| Q4 FY2026 | $6.10B |
| Q1 FY2027 | −$1.95B |
| Q2 FY2027 | $7.47B |
Latest: 7.93B (Q2 FY2027)
| Period | Value |
|---|---|
| Q3 FY2021 | 2.85B |
| Q4 FY2021 | 2.83B |
| Q1 FY2022 | 2.83B |
| Q2 FY2022 | 2.81B |
| Q3 FY2022 | 2.80B |
| Q4 FY2022 | 2.77B |
| Q1 FY2023 | 2.77B |
| Q2 FY2023 | 2.75B |
| Q3 FY2023 | 2.71B |
| Q4 FY2023 | 2.70B |
| Q1 FY2024 | 8.11B |
| Q2 FY2024 | 8.11B |
| Q3 FY2024 | 8.11B |
| Q4 FY2024 | 2.69B |
| Q1 FY2025 | 8.08B |
| Q2 FY2025 | 8.08B |
| Q3 FY2025 | 8.08B |
| Q4 FY2025 | 8.03B |
| Q1 FY2026 | 8.05B |
| Q2 FY2026 | 8.02B |
| Q3 FY2026 | 8.01B |
| Q4 FY2026 | 7.97B |
| Q1 FY2027 | 8.00B |
| Q2 FY2027 | 7.93B |
Latest: $205.27B (Q2 FY2027)
| Period | Value |
|---|---|
| Q3 FY2021 | $123.18B |
| Q4 FY2021 | $132.67B |
| Q1 FY2022 | $133.38B |
| Q2 FY2022 | $140.25B |
| Q3 FY2022 | $140.66B |
| Q4 FY2022 | $144.14B |
| Q1 FY2023 | $136.88B |
| Q2 FY2023 | $145.96B |
| Q3 FY2023 | $147.90B |
| Q4 FY2023 | $156.29B |
| Q1 FY2024 | $156.54B |
| Q2 FY2024 | $165.41B |
| Q3 FY2024 | $160.79B |
| Q4 FY2024 | $171.66B |
| Q1 FY2025 | $171.31B |
| Q2 FY2025 | $177.80B |
| Q3 FY2025 | $178.24B |
| Q4 FY2025 | $184.75B |
| Q1 FY2026 | $185.20B |
| Q2 FY2026 | $191.74B |
| Q3 FY2026 | $193.65B |
| Q4 FY2026 | $199.75B |
| Q1 FY2027 | $197.80B |
| Q2 FY2027 | $205.27B |
Latest earnings
Next report: Nov 19, 2026 (Q3 FY2027)
Company History
Sam Walton and Bud Walton opened the first Wal-Mart Discount City store in Rogers, Arkansas, inspired by discount models like FedMart.
Incorporated as Wal-Mart, Inc. under Delaware law, with name change to Wal-Mart Stores, Inc. in 1970.
Listed on the New York Stock Exchange, beginning public trading and supporting expansion.
First Wal-Mart Supercenter opened in Washington, Missouri; Sam Walton stepped down as CEO, replaced by David Glass.
Became the largest U.S. retailer by revenue, surpassing Kmart and Sears.
Opened first store outside North America in Mexico.
Acquired Asda for US$10 billion, entering the European market.
Donated $20 million, 1,500 truckloads of merchandise, and job promises for displaced workers.
Doug McMillon replaced Mike Duke as CEO.
Changed to Walmart Inc. from Wal-Mart Stores, Inc.
Key Players
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